The True Range for today is the greatest of the following:

• Today's high minus today's low.
• The absolute value of today's high minus yesterday's close.
• The absolute value of today's low minus yesterday's close. as shown in figure (2)

ATR is very useful for determining take profit and stop loss. If you are a day trader, you should place your take profit around the ATR value and place your stop loss higher than the ATR value. ATR is based on the True Range, which uses absolute price changes, so ATR reflects volatility as an absolute level. In other words, ATR is not shown as a percentage of the current close.

If your strategy triggers an entry signal but the today range exceeds the current ATR, this signal should be ignored. And whenever the price closes more than one ATR, it is a good time to take some profit.

ATR could be used as trailing stop by k * ATR (14) as k can be 2 or 3 based on the trader risk management plan. Closing a long position becomes a safe bet whenever the price closes more than one ATR because the stock is likely to enter a trading range or reverse direction at this point.

1. ATR is a subjective measure; there is no single ATR value that will tell you with any certainty that a trend is about to reverse or not. Instead, ATR readings should always be compared against earlier readings to get a feel of a trend's strength or weakness.
2. ATR only measures volatility and not the direction of an asset's price.

The content published above has been prepared by CFI for informational purposes only and should not be considered investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.

Technical Indicators are mathematical formulas calculated from price data to provide traders with some information that cannot be easily shown from the pure prices like momentum and volatility. Indicators have two major classifications trend-following, like Moving averages and Bollinger Bands, and Oscillators like RSI and Stochastics.

1-Fast Stochastics.

%K = (Current Close – Lowest of Range) / (Highest of Range – Lowest of Range) Range is how many time periods that stochastics is calculated over

D% = SMA (3) of %K

2-Slow Stochastics

%K = D% (of the Fast Stochastics)

D% = SMA (3) of %K

Stochastic gives a buy signal when there is a positive crossover between the k% line and D% line and sell signals when there is a negative crossover between the k% line and D% line.

You cannot use the Stochastic signal alone without considering trend analysis because every market phase has a different trading characteristic. In an uptrend, using Stochastic to time the buy signal will always be the best Stochastic trading strategy, and in a downtrend, using Stochastic to time the short signal.

During an uptrend, buyers always have control over price movement, and the best trades are always around the end of the downward retracement, where the best risk-reward ratio is present.

In a strong uptrend Stochastic indicator may not reach the oversold area, so when Stochastic has a positive crossover in the zone, 40:20 could be a buying signal, as shown in figure (2)

1-In a Normal uptrend Stochastic indicator may reach an oversold area below 20, so the crossover could be a buying signal, as shown in figure (3)

When Stochastic moves above level 80, what we call an overbought area in the uptrend does not mean it is an excellent time to sell it means buyers are aggressive, and that might lead to some relief in the price movement due to some profit-taking. So, when Stochastic bounced down from overbought, it is an excellent time to take profits for long positions, not to initiate a new short position.

During a downtrend, sellers always have control over price movement, and the best trades are always around the end of the upward retracement, where the best risk-reward ratio is present.

1-In a strong downtrend Stochastic indicator may not reach the overbought area, so when Stochastic has a negative crossover in the zone, 60:70 could be a selling signal, as shown in figure (4)

2-In a Normal downtrend Stochastic indicator may reach an overbought area above 80, so the crossover could be a sell signal, as shown in figure (5)

When Stochastic moves below level 20, what we call an oversold area in the downtrend does not mean it is a good time to buy. It means sellers are aggressive, which might lead to some relief in the price movement due to some profit-taking. So, when Stochastic bounced up from oversold, it is a good time to take profits for short positions, not to initiate a long position.

Most of the time, the Stochastic indicator follows the price movement, but when it does not, we call this a Divergence which indicates a weakness in the current trend.

There are two types of divergence:

A divergence signal is a mean reversion because the trader takes a position opposite to the current trend. For example, when a negative divergence appears in an uptrend short position could be taken, and when a positive divergence appear long position could be taken because divergence is an indication of a short-term correction. Divergence signals have a 1:1 risk-reward ratio but are highly likely.

Stochastic is a very useful technical indicator, but it is a secondary indicator that is not used isolated from the direction of prices as the trend of prices is the main factor in order to take the signals of the indicator or ignore them. It can by use to give a trend following signals or a mean reversion signal.

The content published above has been prepared by CFI for informational purposes only and should not be considered investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.

Prices move in different cycles, whether long term, medium-term or even short-term cycles. These cycles reflect the long-term, medium-term, and short-term trading signals, as shown in figure (1).

Multiple time periods allow the trader to time entries into the market using very short-term data while watching the longer-term picture for the daily or weekly trend. Because it is agreed that most trends are best identified over a longer period, and choosing the specific entry point requires a much faster response, the combination of two or even three-time intervals is very sensible when each one targets a specific purpose. If the trend can be identified profitably, then the trader can filter or select short-term trades that have a better-than-average chance of becoming winners.

1. Identify the main timeframe. This time frame is dependable on the trader’s lifestyle and when he can watch the market, such as the 4H chart.
2. Identify the higher time frame to determine the higher cycle trend, such as the daily chart
3. Identify a shorter timeframe for entries such as 1H or 30M chart

A trader can choose two timeframes at least. Higher timeframe for trend analysis and lower timeframe for execution. The relation between every time frame of the cycle is 4 to 6

EURUSD Daily and 1 H Chart example

EURUSD in the Daily chart breakout through horizontal resistance and begin an upward trend, as shown in figure (2). Traders should use a 1H chart for timing the entry-level with smaller stop loss, as shown in figure (3)

GBPUSD Daily and 1H chart

GBPUSD in daily chart moves in an uptrend then bounced down to correct, and it is now trading around 61.8% Fibonacci retracement as shown in figure (6) GBPUSD in the hourly chart moves in a downtrend, and when the trend reverses to an uptrend, that will be the entry-level, as shown in figure (7).

It combines trend-following and oscillators using three-time frames, each serving a specific purpose. The oscillators are normally associated with timing, while the trend determines the direction of the trade. Dr. Elder has observed that each time frame relates to the next by a factor of 5. That is, if you are using daily data as the middle time period, then the shorter interval will be divided into five parts, bars of 1 to 2 hours in length, and the longer period will be five days or one week

Screen 1: The Major Move (Lowest Frequency Data)

The long-term view is used to see the market tide, a clear perspective of the major market trend, or sometimes the lack of trend. Weekly or Daily data is used. The Triple Screen approach uses the slope of the weekly MACD, where the histogram that represents the MACD value is very smooth, equivalent to, for example, a 13-week exponential. The trend is up when the MACD bar, or 13-week exponential value, is higher than the previous week; the trend is down when this week’s value is lower.

Screen 2: The Intermediate Move (Middle-Frequency Data)

The oscillator applied in Screen 2 (the second panel) identifies the period in which we would trade. Again, the specific oscillator is not as important as the time frame and the ability to identify market waves in the major moves of Screen 1. A stochastic can also be used

Screen 3: Timing (High-Frequency Data)

The final screen is for the fastest response, primarily identifying intraday breakouts. a new buy signal occurs when the high of the hourly bar moves above the highest high of the hourly bars of the previous day

EURUSD ELDER’S TRIPLE-SCREEN TRADING SYSTEM example

Screen 1: Daily chart with MACD histogram shows a downtrend

Screen 2: 4H chart with stochastics in the overbought area shows a good time for the sell signal, as shown in figure (8).

Screen 3: 30M chart shows a breakdown entry with stop loss above the high, as shown in figure (9).

Using multiple time-frame analyses can drastically improve the odds of making a successful trade and improve the risk to reward ratio by taking entries and stop loss in lower time frames and targets with higher time frames.

The content published above has been prepared by CFI for informational purposes only and should not be considered investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.

Despite only showing up 30% of the time, compared to ranging conditions prevailing around 70% of trading sessions, trend trading is a popular and easy to get into strategy that can give you an edge if approached properly.

Trends manifest themselves as a continuously rising or declining price of a trading product. Trends are not linear and prices will not go from point A to point B in one go. Instead, they include ups and downs, regardless of the ultimate direction. Imagine a set of stairs, and you are going up. Each step is a bit higher then there is a small pause before reaching the step after it. It’s the same way with trends as price goes higher then pauses for a bit before continuing even higher. The opposite is true for downtrends.

Trends can be seen on very small timeframes but can also happen over very long periods including days, weeks, months, and even years. Within trends, price action can include opposing shorter trend trends as well as ranging conditions that happen during more shallow corrections and pauses.

The idea of identifying a trend is fairly (Figure1,2) straightforward and should be achievable by simply looking at a chart. Some traders prefer using indicators or traditionally tracking prices on a piece of paper but given the technology available out there, a chart should suffice when trying to identify if a market is ranging or trending.

There are different ways in which a trader can trade with the trend. Some may look to get in on a break of major support/resistance which could mark the start of a new trend while others may prefer looking for an established trend and getting in on the correction. Whichever method you decide to use, remember that there are a few things that can help you achieve greater efficiency.

Trading Indicators are essential tools to analyze price movements based on their historical activity to try and forecast future movements.

Usually, in analyzing indicators, traders mistake forecasts with predictions and tend to take decisions solely based on what the indicators are showing.

However, they should be used as a combination that generates signals and confirmations.

Indicators are mathematically created equations that are derived from historical price movements and price data.

We have thousands of trading indicators that are organized under specified categories based on the nature of the equation.

The most known categories are:

• Trend indicators
• Momentum Indicators
• Volume Indicators
• Volatility Indicators

Trend indicators Indicate the market trend, whether to the upside or the downside, along with possible reversals and continuation confirmations.

The most common trend indicators are the moving average convergence divergence (MACD), Ichimoku Kinko Hyo, Moving Averages, and Parabolic Sar. Below are some examples of the different indicators:

When prices are testing a support line or a zone that has been tested more than once, this might give us buying opportunities. However, to further empower our decisions, extra confirmation might be needed.

On the other hand, if prices are testing clear resistance and strong supply zones, selling might be a good idea.

Another important price action element is the trendline. When trendlines, Demand/Supply zones, or Support/Resistances are combined, they create a clearer picture of market conditions.

Trendlines are plotted based on the direction of the price, whether it is upwards or downwards. Prices tend to move in either impulsive movements, or corrections.

In price breakouts, we are talking about the possibility of having a reversal. This means that if the price is moving up and a breakout of that trend occurs, this might mean that the price might be creating a new trend. We have multiple ways to trade breakouts.

• Instant Execution
• Retest After Breakout
• Trend Confirmation

As you can see, trading trendlines is simple yet it can be done through different ways. Some are safer but less likely to occur while others are riskier but provide more frequent opportunities.

To limit those probabilities or minimize the number of scenarios, further confirmations might be needed, such as indicators, and other chart patterns.

However, identifying the structure of the trend and location of the price compared to its previous position will help the trader in making informed decisions.

The PSAR indicator is already available on all price charting software, the calculation is done using algorithms for both uptrend and downtrend accordingly, Traders and analysts don’t need to calculate it themselves, the application will do the job for you however, it is beneficial that the indicator users grasp the concept.

- Uptrend: PSAR = Prior PSAR + Prior AF (Prior EP - Prior PSAR)
- Downtrend: PSAR = Prior PSAR - Prior AF (Prior PSAR - Prior EP)

Where:

- EP = Highest high for an uptrend and lowest low for a downtrend, updated each time a new EP is reached.
- AF = Default of 0.02, increasing by 0.02 each time a new EP is reached, with a maximum of 0.20. The AF factor can be changed on the trading terminal, however, Wilder and most traders using the indicator recommend sticking to the standard value of 0.2

As mentioned, the PSAR highly performs in trending markets. That said, it is important to first identify the trend. In an uptrend, dots will be under the price action and vice versa in a downtrend. When a change of trend occurs, dots flip from on side of the price action to the other side, “sell and reverse” SAR action.

The best entry signal to maximize profits is when a change in trend takes place, in other words when the dots flip (the curve breaks) from one side to the other.

In fig (2), the trader waits for the close of the green candle under the black dot followed by the formation of the flipped dot under the following candle, that’s when s/he enters a long/bullish trade. Stop loss levels will be at the PSAR levels and traders should update their stop loss levels whenever the PSAR dots move (apply trailing stop).

The same technique applies when the trend reverses down. The trader patiently waits for the close of the candle under which lies the PSAR black dot, followed by flipping the dot to be above the following candle that’s when s/he enters a short/bearish trade. Stop loss levels will be at the PSAR levels and traders should update their stop loss levels whenever the PSAR dots move (apply trailing stop).

Given that a trend reversal is the main signal for a trader to enter the trade then, it would be used as a stop loss signal as well.

Combining moving averages and leading indicators with PSAR would add benefit to traders’ decisions regarding trend confirmation, and entry and exit signals.

As shown in the figure below fig (4), the PSAR provided an earlier entry signal on the price chart before the price crosses above the 20-exponential moving average (20EMA) and before the leading indicator, RSI crosses above the 50% range.

The PSAR also provided an earlier exit signal before prices crossed the 20EMA) and before the leading indicator, RSI crosses below the 50% range.

In the above case, the trader’s exit level depends on his entry point and risk appetite.

The PSAR doesn’t perform well during sideways (flat) trading as it provides false misleading signals as shown in fig. (5). it is highly not recommended to use the PSAR in this case, other indicators like the Bollinger bands (BB) accompanied by leading indicators like the RSI would be beneficial while in a trading range/ sideways. Moreover, the PSAR demonstrates high sensitivity over small time frames, providing numerous enter/exit signals which might endure loss, wilder recommend utilizing the indicator for a 1-hour time frame and above.

Pros:

The indicator allows the trader to maintain his position within a trend as long as the PSAR dot is moving in the same direction adding, it indicates the strength of the developed trend through the distance between the PSAR dots. The wider the distance between the PSAR dots the more momentum is added to the trend.

The indicator provides few false signals and guides the trader on where to place the stop loss.

The Parabolic SAR insures not trading against the trend

Cons:

The PSAR doesn’t perform well during trading ranges/ sideway trading

On small timeframes, the indicator tends to demonstrate high sensitivity thus signaling false entry/exit levels. It is not recommended to be used for timeframes below 1 hour as stated by Welles Wilder the indicator developer.

The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice.  Any view expressed does not constitute a personal recommendation or solicitation to buy or sell.  The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI.  Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients. 

Technical Indicators is a mathematical formula calculated from price data to provide traders with some information that cannot be easily shown from pure prices like momentum and volatility. Indicators have two major classifications trend-following Moving averages and Bollinger Band and Oscillators like Commodity Channel Index (CCI) and Stochastics.

The Commodity Channel Index was first described by Donald lambert in the October 1980 Issue of commodities magazine. Lambert originally developed CCI to identify cyclical turns in commodities, but the indicator can be successfully applied to indices, ETFs, stocks, and other securities. The CCI formula creates a conveniently used number that statistically expresses how far recent prices have departed from a moving average. In this manner, CCI can be used to identify overbought and oversold levels.

The CCI formula calculates a simple moving of average daily prices and then calculates the mean deviation. The mean deviation is the sum of the differences between each period’s average price and its simple moving average. The mean deviation is then multiplied by a constant 0.015 and divided into the difference between the simple moving average and today’s average price. The trader can vary the number of periods used to calculate the simple shortening of the time span makes the index faster and more responsive to small market movements while lengthening the time span slows down the index and smooths out the market volatility

1- Typical Price= (H+L+C)/3
2- 20 SMA of the Typical Price
3- Calculate the Mean Deviation of price from the 20 SMA MD= abs (TP1-20SMA) +(TP2-20SMA) + --------+ (TP20 – 20SMA)/20
4- CCI = (Today Typical Price – Today Moving average)/MD* 0.015

The CCI is displayed as an oscillator that ranges above or below the zero line as shown in figure 1. Since the index measures how far prices have diverged from a moving average. CCI allows us to measure the strength of the trend. The theory is that the higher the CCI value the stronger the trend.

You cannot use the CCI signal alone without taking trend analysis into consideration because every market phase has a different trading characteristic. In an uptrend using CCI to time, the buy signal will always be the best CCI trading strategy, and in a downtrend using CCI to time the short signal.

During uptrend buyers always have control over price movement and the best trades are always around the end of the downward retracement where the best risk-reward is always so CCI can be used to time the entries.

In a strong uptrend, the CCI indicator will oscillate between the 100 level and zero level as shown in figure 3.

1- Buy signal is generated when breaking out level 100 and closing the position when the CCI moves below level 100 or the zero line. As shown in Figure 4.

2- Buy signal is generated when CCI breaks out the zero-line level but when it does not reach -100. Figure 5

In a normal uptrend, the CCI indicator will oscillate between the 100 level -100 level as shown in figure 10

3- Buy signal is generated when breaking out level -100 as shown in figure 11.

In a normal downtrend, the CCI indicator will oscillate between the 100 level and -100 level as shown in figure 18.

3- A sell signal is generated when breaking down level 100 as shown in figure 20.

Identifying overbought and oversold levels can be tricky with the Commodity Channel Index (CCI), or any other momentum oscillator for that matter. First, CCI is an unbound oscillator. Theoretically, there are no upside or downside limits. This makes an overbought or oversold assessment subjective. Second, securities can continue moving higher after an indicator becomes overbought. Likewise, securities can continue moving lower after an indicator becomes oversold.

Overbought or oversold levels are not fixed since the indicator is unbound. Therefore, traders look at past readings on the indicator to get a sense of where the price reversed. For one stock, it may tend to reverse near +200 and -150. Another commodity, meanwhile, may tend to reverse near +325 and -350. Zoom out on the chart to see lots of price reversal points, and the CCI readings at those times.

The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice.  Any view expressed does not constitute a personal recommendation or solicitation to buy or sell.  The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI.  Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients. 

The Moving Average Convergence-Divergence (MACD) timing model become one of the most popular technical tools, used by short- and longer-term investors in the stock, bond, and other investment markets. It is a featured indicator on virtually every computer-based technical trading program and trading platform.

MACD can be used in the analysis of longer-term trends. It can be applied to somewhat shorter time periods, reflected perhaps by weekly or daily data, in the analysis of intermediate- and shorter-term market trends. It can be applied on an intraday basis for time frames as short as hours or minutes, which makes it suitable for short-term day-trading purposes. The indicator is frequently capable of producing precise entry and exit signals: One of its strongest features is its ability to detect the conclusions of favorable market entry junctures following serious intermediate market declines

2- MACD line and Signal line Crossover
When the MACD line crosses above the signal line, then it is a bullish signal, When the MACD line crosses below the signal line, then a bearish signal is determined. The bullish signal is more significant when it is above the zero line, and the bearish signal is more significant when it occurs below the zero line.

MACD signals are more likely to prove reliable if shorter-term MACD signals are confirmed by longer-term trends in the stock market, perhaps reflected by long-term MACD patterns. For example, purchases made based on daily MACD lines are more likely to succeed if weekly or monthly MACD patterns are favorable, indicating strength in the primary market cycle. Short-term short sales are more likely to prove profitable if longer-term market trends are down. The maintenance of multiple MACD charts, reflecting the varying length of a market cycle, is recommended.

The MACD indicator has two types of divergence:

1-The divergence between the price and MACD line
When prices make a higher high but the MACD line makes a lower high this is called negative divergence. When prices make a lower low but the MACD line makes a higher low this is called positive divergence.

2- The divergence between the MACD line and Histogram

1- Bearish Divergence

When the MACD line makes a higher high while the Histogram makes a lower higher. This indicates a weakness in the current upward movement.

2- Bullish Divergence

When the MACD line makes a lower low while the Histogram makes a higher low. This indicates a weakness in the current downward movement.

The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice.  Any view expressed does not constitute a personal recommendation or solicitation to buy or sell.  The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI.  Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.

The revenues part shows the company’s earnings from selling its products and services only. The cost of goods sold (COGS) part denotes the direct costs of production, then gross profit is calculated by subtracting COGC from revenues to show the amount of revenue available to cover operational expenses and compensate shareholders. Selling, general, and administrative (SG&A) shows all other indirect expenses related to the general operations of the business including rent, marketing, office supplies, etc. Operating income is the remaining amount after subtracting the SG&A expenses from the gross profit. Interest Expense shows the costs of the firm’s borrowings. The Non-operating income shows the gains and losses from non-core activities such as an increase in the value of an asset, or income from selling an asset, or a loss such as the cost of settlement of a consumer lawsuit. The Earnings before taxes (EBT) or also called income before taxes (IBT), is the remaining cash after deducting all costs and losses from all gains and revenues. Since businesses pay taxes at various rates based on their region, EBT is frequently used as a profitability measure. And finally, the Net income or also called Net Profit is the remaining amount for the shareholders after deducting taxes, interest, depreciation, and amortization. Statement of income could also include Basic and/or Diluted Net income per share which indicates how much the company’s income was allocated to each share of common stock, and the difference between both the basic and diluted is that diluted EPS takes into account all convertible securities[ An investment that can be transformed from its original form into another is referred to as a convertible security. Convertible bonds and preferred shares that can be converted into common stock are the two most well-known forms of convertible securities. A convertible security defines the requirements and conversion price and pays a certain amount on a regular basis (a coupon payment for convertible bonds and a preferred dividend for convertible preferred shares).] while basic EPS takes into account only a company’s common share. The Diluted EPS encompasses a broader view of potential per-share profitability.

A rise in basic EPS can cause a stock's price to increase in tandem with the company's rising earnings per share because stocks trade on multiples of earnings per share. However, an increase in basic EPS does not necessarily translate into an increase in the company's gross earnings. Businesses have the option to repurchase shares, which lowers their overall share count and allows them to distribute net income less preferred dividends over fewer common shares. Even if absolute earnings decline due to a decline in the number of common shares outstanding, basic EPS may rise. The difference between basic and diluted EPS is another factor to take into account. The likelihood of future dilution of current common shareholders may be considered if the two EPS measurements diverge more and more over time.

There are two ways to analyze a financial statement: vertical and horizontal analysis. Vertical analysis is comparing each item to revenues as a percentage, while horizontal analysis is calculating the percentage change of each item on a year-over-year basis.

An investment that can be transformed from its original form into another is referred to as a convertible security. Convertible bonds and preferred shares that can be converted into common stock are the two most well-known forms of convertible securities. A convertible security defines the requirements and conversion price and pays a certain amount on a regular basis (a coupon payment for convertible bonds and a preferred dividend for convertible preferred shares).

The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice.  Any view expressed does not constitute a personal recommendation or solicitation to buy or sell.  The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI.  Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.